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5 Budgeting Tips for the New Year

• Pay down your debt. If you are in debt, paying down what you owe should be one of your top priorities. Debt accrues interest, which means that the longer you let your debt sit around, the more money you are wasting. Put as much of your spare income towards debt as you can, and don’t be afraid to cut back on non-essential spending until the debt is paid off.
• Sign up for automatic bill pay. Do you have trouble keeping track of when your credit card payments are due? Sick of dealing with late fees? Contact your credit card company and authorize automatic minimum payments; this will deduct your minimum monthly payments on a schedule without you lifting a finger.
• Track every expense. It’s impossible to save money if you aren’t sure how much you’re spending and where your money is going! For a month, write down everything that you spend money on. This will help you locate areas that you can cut back in.
• Assign a “job” to every dollar in your budget. Budgeting every dollar in your paycheck will help you curb impulse spending. Split your spending into categories, including rent or mortgage payments, debt repayment, food, clothing, etc. Don’t forget to add money to a “miscellaneous” category to cover any unexpected expenses that pop up throughout the month!
• Be realistic. Your budget should be easily executable so it’s important that you stay realistic with your expectations. For example, if you know that you can’t survive on a $200 monthly food budget, evaluate your spending and move money from non-essential categories until you feel comfortable and confident.